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COMPANY AND FAMILY TRUST SET UP IMFO NEEDEDbeamseeker [10 Posts] Needing advice re; setting up a company and family trust for asset protection and tax effectivness. Terryw [6488 Posts]  you should definitely set up before signing contracts or stamp duty will apply when you change over. It is very easy to set up a company and trust yourself, but maybe easy to stuff things up too so it may be wise to get some advice. e.g. putting a spouse as settlor of the trust would mean they could never be a beneficiary. One of my clients put his son as settlor, so even when the dad dies, the son cannot benefit from the trust!. Companies can be set up for free by filling in the forms as ASIC and paying the fee - $400. If an accountant does it for you it will cost about $500 plus the ASIC fee. Trusts can be purchased for as little as $178+ on the internet, but an accountant may charge you $1000. Stamp duty may be payable, but QLD is one state with no stamp duty so you are lucky there. Terryw   beamseeker [10 Posts] Thanx for that help...I feel its worth getting pro advice rather than risking faults for saving small $'s in the important initial set up. Terryw [6488 Posts] $300 per hour is pretty standard rates for an accounting firm, but usually they have a set price to set up a trust which includes some advice and the deed and the ABNs and TFNs. it could end up costing you are lot more paying by the hour. Terryw |
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In The NewsNo Housing Revival Just Yet! Auction clearance rates slumped again over the week-end leading experts to advise investors that they will have to wait another year for a revival in the housing market. RBA Slashes Rate RBA announces the biggest rate drop in 13 years - down 1%! Gazumping running rampant! Australia's housing shortage could fuel a new round of illegal rent auctions according to the HIA. The undersupplied housing market has forced rental prices up and escalating prices means Gazumping - where a seller continually raises the price - a method which is both informal and illegal is now rampant in most capital cities. Today's TipThe more you do of what you've done, the more you'll get of what you've got <more> Active forum topicsWho's OnlineTake The Test
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